Question

show the accounting equation on the basis of the following transactions and prepare balance sheet
1. Commenced business with cash 80000
2. Bought goods from X on credit 20000
3. Paid cash to X 15000
4. Paid rent 1600 and salary 1400
5. Sold goods costing 10000or 13000 to mohan on credit
6. Received cash from Mohan 10000
7. Withdraw cash 4000 and goods 5000 for personal use
8. Goods returned to X 20000​

Answer 1

Accounting equation...and balance sheet are prepared....

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